Submitted by tim
on
Vermont Business Magazine Sunday night President Trump signed the COVID 19 relief bill summarized below. It had passed both the House and Senate last week. It includes extending the unemployment and PUA benefits, including the extra $300 per week, one-time direct payments of $600 to individuals ($1,200 filing jointly) and ensures that PPP forgiveness does not result in taxable income. Among other measures, it includes a second round of PPP.
Courtesy McSoley McCoy & Co, South Burlington:
- Funding for Dept. of Ed., CDC, Homeland Security and other federal agencies
- Extends Pandemic Unemployment Assistance (PUA) to March 14, 2021, extends unemployment relief to state and local governments and non-profits and restores the Federal Pandemic Unemployment Compensation (FPUC) supplement to state and federal unemployment benefits at $300 per week
- Additional $600 recovery rebates to single individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent
- Temporarily increases deductible portion of business meals to 100% (from 50%) for meals purchased in a restaurant
- Extends payroll tax deferral and employee retention credit
- Clarifies that expenses paid with PPP loans are fully deductible and forgiveness of the loan does not result in taxable income
- Expands allowable expenses under PPP program to include expenditures for software, cloud computing, HR, accounting, uninsured property damage, certain supplier costs and personal protective equipment.
- Second draw of PPP loans for $284 billion. Maximum loan is $2 million Eligibility: 300 or fewer employees, borrower must have experienced a 25% revenue drop in first, second or third quarter 2020 compared with 2019. Certain 501(c)(6) non-profit entities are now eligible.
- Grants for arts venues, museums, theaters which have experienced a 25% revenue decline
- Resumes principal and interest payment relief for certain SBA loans
- New EIDL funding for low income communities
- EIDL loans no longer reduce amount of PPP loan forgiveness
- Extends covered period of PPP to March 31, 2021
- Other provisions extend airline worker support, provide transportation industry assistance, provide emergency rental assistance and increase SNAP benefits
Source: McSoley McCoy & Co. South Burlington. 12.28.2020 https://www.cpavt.com/